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Payments Canada Report: Rebound & Grow – Payment Methods and Trends in 2021

Payments Canada | Oct 4, 2022

Payments Canada Rebound and Grow report 2022 - Payments Canada Report:  Rebound & Grow - Payment Methods and Trends in 2021Canada experiences rebound in transaction volume and value in 2021

Report Highlights:

  • Pandemic changes long-term payment preferences for 43% of Canadians
  • 50% of Canadians use e-commerce platforms more often than pre-pandemic
  • Contactless payment transaction value increased year-over-year in 2021 by 18%
  • Credit card use rebounded, increasing by six per cent
  • Mobile payments volume and value each grew by 13% year-over year
  • Cash and cheques declined nine per cent and six per cent respectively in volume, but increased 14% and seven per cent in value

See: 

Research: ECB publishes report on payment habits and attitudes as part of digital euro project

How the Big Five Banks Control Canada’s Payment Systems

Payments Canada Delays Launch of Real-Time Rails Again (without a timeline)

  • Online transfer transactions value exceeded debit cards for the first time ever in 2021
  • Almost one quarter (22%) of Canadians are comfortable making payments using QR (quick response) codes
  • 37% of Canadians are comfortable using fingerprint, facial, or voice recognition to authenticate a payment transaction
  • Buy now, pay later (BNPL) is beginning to take hold with almost 1 in 10 (eight per cent) of merchants accepting BNPL and 48% of merchants interested in offering it

The new report reveals that while many payment trends remain consistent in 2021, there is continued acceleration in digital, contactless and mobile payment adoption.

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